The US Federal Deposit Insurance Corporation (FDIC) has ordered Banesco USA to boost its anti-laundering controls, after the regulators found some loopholes in its banking operations.

Agreeing to implement necessary measures, Banesco has signed a consent order with FDIC for deficiencies in its Bank Secrecy Act, or anti-money laundering (AML) law programme.

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Without revealing the specific requirements of the consent order, Banesco said that it has already completed many of the changes, which includes establishing a BSA committee on its board, appointing compliance staff, and increasing BSA/AML training.

Furthermore, Banesco has hired consultants to assess its controls, enhanced its method for AML risk rating; improved reporting systems, and reviewed procedures for wire transfers, among others.

Banesco said that full compliance of the order is expected to complete by 2014.

Banesco USA chairman, Carlos Palomares, was quoted by the American Banker as saying, "The bank’s management, board of directors and shareholders are fully committed to an enhanced BSA/AML program and to meeting all requirements necessary to emerge from the order.

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"We discovered in late 2012 that the bank had deficiencies in its BSA/AML area and have been working very judiciously, and we are in ongoing contact with regulators to improve our systems, procedures and staff."

Banesco USA operates as a division of Venezuela’s Banesco International Financial Group, which has $35bn in assets with operations across seven nations.